Bellway posts higher net profit after completing more homes

SarahTurner

LONDON (MarketWatch) -- U.K. homebuilder Bellway
BWY, +0.70%
said Tuesday that its net profit rose 15% to 70.3 million pounds, from 61.2 million pounds last year. Sales rose 14% to 576.5 million pound after the company completed 3,264 homes, up from 2,958 completed at the same point a year ago. Bellway said that, in an incentive-led and competitive market, its operating margin dipped to 18.7%, compared to 19.0% a year ago. The Newcastle-headquartered company also said that its forward order book at the end of March amounted to 732 million pounds, its strongest ever level, meaning that over 95% of the company's home completions target has now been secured.

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